服务业对外直接投资与服务企业生产率:基于微观层面的经验证据  

OFDI on Service Industry and Productivity of Service Enterprises:Empirical Evidence Based on Micro Level

作　　者：王晶晶 岳中刚 陈金丹 WANG Jingjing;YUE Zhonggang;CHEN Jindan

机构地区：[1]南京邮电大学经济学院

出　　处：《国际贸易问题》2022年第4期73-90,共18页Journal of International Trade

基　　金：国家社会科学基金青年项目“一带一路”倡议下服务企业OFDI模式选择及生产率效应研究(18CJY043);国家社会科学基金一般项目“一带一路”倡议下我国企业集群式投资战略与全球价值链重构研究(18BGL021)。

摘　　要：本文利用2002—2018年中国服务业A股上市公司数据与商务部《境外投资企业(机构)名录》相匹配,基于渐进双重差分法探究服务企业对外直接投资对服务企业生产率的影响及其内在机制。(1)基准回归结果表明服务业对外直接投资可显著促进服务企业生产率提升,并通过了一系列稳健性和内生性检验;(2)机制检验结果厘清了服务业OFDI可通过创新驱动效应、市场规模扩张效应以及竞争效应提高服务企业生产率;(3)三重差分模型检验结果显示服务企业对“一带一路”沿线国家OFDI的生产率效应显著为正;(4)异质性检验结果表明非国有服务企业和高管有海外经历的服务企业从OFDI中获得更高的生产率溢出,生产性服务业企业OFDI的生产率效应显著。本文研究结论对服务企业高水平“走出去”以及服务业高质量发展可提供经验支持与政策依据。By matching the data of Chinese listed companies in service industry from 2002 to 2018 with the Directory of Overseas Investment Enterprises(Institutions) issued by the Ministry of Commerce, this paper mainly explores the influence of service OFDI on firm productivity and its endogenous testing mechanism based on the progressive difference-in-differences method.(1)The benchmark regression results indicate that OFDI in service industry can improve firm productivity significantly, which is verified by a series of robustness and endogenous tests.(2) According to the mechanism test, service OFDI can raise productivity through innovation driven effect, market scale expansion effect and competition effect.(3) Under the DDD model, a conspicuous productivity effect exists in countries along “the Belt and Road” area.(4)Heterogeneity analysis results exemplify that non-state-owned service companies and the companies with oversea background executives achieve higher productivity spillovers from OFDI,while producer service has a significant productivity effect. This paper will provide experience reference and policy basis for service industry to enhance the “go-abroad” and high-quality development.

关 键 词：服务业OFDI 服务企业生产率 双重差分 倾向得分匹配 

分 类 号：F74[经济管理—国际贸易]